CF vs. USCI

Last updated Jul 11, 2026

CF (CF Industries Holdings, Inc.) is a stock, while USCI (United States Commodity Index Fund) is Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. Over the past 10 years, CF returned 19.43%/yr vs 8.41%/yr for USCI. At a 0.34 correlation, their price movements are largely independent.

Performance

CF vs. USCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CF Industries Holdings, Inc. (CF) and United States Commodity Index Fund (USCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CF achieves a 52.60% return, which is significantly higher than USCI's 23.68% return. Over the past 10 years, CF has outperformed USCI with an annualized return of 19.43%, while USCI has yielded a comparatively lower 8.41% annualized return.

CF

• 1D: 2.54%
• 1M: 9.72%
• 6M: 42.89%
• YTD: 52.60%
• 1Y: 21.57%
• 3Y*: 19.81%
• 5Y*: 20.74%
• 10Y*: 19.43%

USCI

• 1D: -0.50%
• 1M: -0.05%
• 6M: 22.70%
• YTD: 23.68%
• 1Y: 28.10%
• 3Y*: 20.39%
• 5Y*: 19.25%
• 10Y*: 8.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CF vs. USCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CF CF Industries Holdings, Inc.	52.60%	-7.17%	10.08%	-4.75%	22.29%	87.18%	-15.76%	12.73%	5.13%	40.24%
USCI United States Commodity Index Fund	23.68%	17.63%	17.24%	-0.00%	29.47%	33.07%	-11.47%	-1.68%	-11.76%	6.32%

Correlation

The correlation between CF and USCI is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010	0.34

The correlation between CF and USCI shifts across timeframes, from 0.32 (10 years) to 0.50 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CF vs. USCI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CF

CF Risk / Return Rank: 63
CF Sharpe Ratio Rank: 65
CF Sortino Ratio Rank: 62
CF Omega Ratio Rank: 60
CF Calmar Ratio Rank: 66
CF Martin Ratio Rank: 64

USCI

USCI Risk / Return Rank: 65
USCI Sharpe Ratio Rank: 68
USCI Sortino Ratio Rank: 65
USCI Omega Ratio Rank: 62
USCI Calmar Ratio Rank: 67
USCI Martin Ratio Rank: 61

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CF vs. USCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CF Industries Holdings, Inc. (CF) and United States Commodity Index Fund (USCI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CF	USCI	Difference
Sharpe ratio: Return per unit of total volatility	0.60	1.77	-1.17
Sortino ratio: Return per unit of downside risk	1.10	2.40	-1.29
Omega ratio: Gain probability vs. loss probability	1.13	1.30	-0.17
Calmar ratio: Return relative to maximum drawdown	0.98	2.67	-1.70
Martin ratio: Return relative to average drawdown	1.88	8.50	-6.62

CF vs. USCI - Sharpe Ratio Comparison

The current CF Sharpe Ratio is 0.60, which is lower than the USCI Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of CF and USCI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CF vs. USCI - Drawdown Comparison

The maximum CF drawdown since its inception was -76.73%, which is greater than USCI's maximum drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for CF and USCI.

Drawdown Indicators

	CF	USCI	Difference
Max Drawdown Largest peak-to-trough decline	-76.73%	-66.41%	-10.32%
Max Drawdown (1Y) Largest decline over 1 year	-25.45%	-11.19%	-14.26%
Max Drawdown (3Y) Largest decline over 3 years	-29.16%	-12.01%	-17.15%
Max Drawdown (5Y) Largest decline over 5 years	-48.36%	-18.84%	-29.52%
Max Drawdown (10Y) Largest decline over 10 years	-60.74%	-45.82%	-14.92%
Current Drawdown Current decline from peak	-14.68%	-6.52%	-8.16%
Average Drawdown Average peak-to-trough decline	-24.91%	-29.37%	+4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.17%	3.51%	+9.66%

Volatility

CF vs. USCI - Volatility Comparison

CF Industries Holdings, Inc. (CF) has a higher volatility of 8.65% compared to United States Commodity Index Fund (USCI) at 4.94%. This indicates that CF's price experiences larger fluctuations and is considered to be riskier than USCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CF	USCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.65%	4.94%	+3.71%
Volatility (6M) Calculated over the trailing 6-month period	35.68%	14.42%	+21.26%
Volatility (1Y) Calculated over the trailing 1-year period	41.78%	16.91%	+24.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.05%	18.40%	+19.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.12%	15.88%	+24.24%

Dividends

CF vs. USCI - Dividend Comparison

CF's dividend yield for the trailing twelve months is around 1.71%, while USCI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CF CF Industries Holdings, Inc.	1.71%	2.59%	2.34%	2.01%	1.76%	1.70%	3.10%	2.51%	2.76%	2.82%	3.81%	2.94%
USCI United States Commodity Index Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CF and USCI in my portfolio?

CF and USCI have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CF or USCI?

CF has higher volatility (8.65%) compared to USCI (4.94%). In terms of maximum drawdown, CF dropped -76.73% vs USCI's -66.41%.

Which has better risk-adjusted returns?

USCI currently has the higher Sharpe Ratio (1.77 vs 0.60), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.